Can You Get Education Loan for Online Education?
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Meeting the towering costs of higher education isn’t easy for anyone these days. An education loan offers a feasible way to pay for expenses without breaking into your savings. However, these loans don’t cover every type of course.
Nowadays, both students and working professionals are choosing online education as an effective means to advance their careers. But, it is typically not possible to get an education loan for online studies in India. In such a scenario, a personal loan can serve your purpose!
Personal finance for online studies
Personal loans are multi-purpose loans that you can use to finance online education with ease. This is an open-ended loan product that you can use to meet pretty much any kind of personal expense. You can typically get such a loan without any security or collateral. It will cover your educational fee and other expenses.
How to get a loan for online education
These are some general steps to get a personal loan for online education:
1. Specify your requirement
Assess your situation considering your present financial needs and future expenses. Understand the course fee and applicable taxes you will have to pay. You must also take into account your present financial commitments. This will help you determine the right amount you need to borrow.
2. Check your eligibility
Once you’re clear about your requirement, check the eligibility criteria with your lender. Your loan eligibility depends on several factors such as monthly income, CIBIL score, age, nature of employment, work experience, job stability, etc.
3. Calculate your loan tenure and EMIs
It’s a good practice to have a repayment plan in place before applying for a loan. A longer tenure will lead to smaller monthly payouts but a higher average borrowing cost. On the other hand, a shorter tenure will involve bigger EMIs. Strike the right balance so you can comfortably repay the loan. Use an online personal loan EMI calculator to get an estimate of your monthly obligations.
4. Approach the lender
After having a proper understanding of the above, you can now approach your lender. Today, it’s easier than ever to apply for personal finance online. You can visit the lender’s website or visit the nearest branch.
5. Submit necessary documents
Every lender requires you to submit a set of documents. You typically have to provide documents like income proof, address proof, employment certificate, photo identity, salary slips, KYC (Aadhaar Card, PAN Card), etc. The lender will evaluate your application and verify your documents before approving your loan. After this, the amount will be disbursed into your bank account.
Also read: Planning to Study Abroad? Follow these Steps to Take a Personal Loan
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